Abolish the Reserve Bank

Niether of the major psrties are willing to restrain the reserve bank so it needs to go

@ericokane
1. Who would print /administer NZ currency if not the RB?
2. "Government to issue interest free currency " What does this mean?

Blockchain technology such as Bitcoin solves most of these problems already. Decentralised so a private party (reserve bank) is not issuing the currency (#1). Assuming the reasoning for going backwards to the gold standard is due to it's finiteness. Bitcoin too is finite #2. There's no need for the government to issue currency as the blockchain already does that and is self regulating(math and cryptography) #3. and well #4 has very little to do with the monetary system and more to do with private sectors and industries. And its 2014 and we are a tiny country, would should be exporting digital goods not physical goods (like we currently do)

@lukewilliams Decentralized blockchain currencies have always been deflationary. Economies collapse under run away inflation, but collapse faster under high deflation.

Also, Bitcoin is anti-environmental. It wastes massive resources to "mine" and authenticate transactions. We can do better than something designed as a proof of concept for the tinfoil hat crowd.

@lukewilliams All blockchain currencies are presently issued by private entities. All that needed to issue BitCoins, as an ie, is a computer crunching the numbers. All that's backing BitCoins and other similar currencies is, quite literally, nothing and that means that those currencies are worth nothing.

A currency becomes worth something when it is backed by a real economy. And by real economy I mean resources such as iron, titanium, wood, food and people. This is why we limit the issuance of currency to nations through their reserve bank and not private individuals or institutions.

@marcwhinery

Decentralized blockchain currencies have always been deflationary.

Not all of them, a couple are experimenting with different constructs. Peercoin and Zetacoin are two examples of crypto coins built programmically to be inflationary.

@colinengland Where are you getting that from? The wikipedia article on inflation suggests that slightly inflationary currencies work best.

@davidjohnston Where am I getting what from?

@colinengland Sorry I slightly misread your post, but this point:

"A currency becomes worth something when it is backed by a real economy. And by real economy I mean resources such as iron, titanium, wood, food and people. ".

This simply isn't true. A New Zealand dollar isn't backed by anything (it's fiat), but has value. Go anywhere in New Zealand and people will give you real goods or services in exchange for it. It has value.

@davidjohnston The NZ$ is backed by the NZ economy. This is the difference between those currencies issued by private individuals and institutions (crypto-currencies, bank money) and those issued by states.

This is why people can't go round printing money and using it as cash. As an individual they don't have the economy to back it up. Private banks have tried it before and it didn't work then which is why we ended up with rules against it but the private banks have been at it again (http://www.positivemoney.org/how-money-works/proof-that-banks-create-money/) and so the global economy crashed.

A reneewable New Zealand energy credit will always have demand in the domestic economy which is the one I wish to target to address income inequality. Energy is useful. Renewable is better because of the environmental imperative.

I assume that the overall intention of this proposal is to get us away from the current mode of debt-based money - an intention I fully support. However, I disagree with the proposed implementation of how to deal with this.
Positive Money (NZ) have been working on this and their proposal bears attention http://positivemoney.org.nz/Site/Solution/Overview/default.aspx

@michaelosborne1 How is "positive money" any different from making lending illegal? How would a person borrow to buy a house under "positive money"?

Reading the site, it implies that "positive money" will crash the economy such that houses will be cheap, but I'm not sure that's a good thing.

Its the Rothschild Bank- and yes it has to go- they create poverty at predetermined rates- for profit. = violence on a mass scale. They should also be investigated and locked up